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Income from jcb hiring

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Querist : Anonymous

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Querist : Anonymous (Querist)
24 April 2016 how to compute income from JCB hiring business? is it excluded under section 44AD? or same can be shown under section 44AD as a presumptive taxation?
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CS Advocate Abhishek Goyal

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CS Advocate Abhishek Goyal (Expert)
25 April 2016 It can be shown under section 44AD by taking 8% as profits out of gross receipts.
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Rupesh Jain

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Rupesh Jain (Expert)
25 April 2016 you can take income u/s 44AD
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CA SUNIL K GARG

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CA SUNIL K GARG (Expert)
25 April 2016 Section 44AD is not applicable to the following business:-
a person carrying on profession as referred to in section 44AA(1) or
a person earning income in the nature of commission or brokerage or
a person carrying on any agency business.
However JCB hiring business is covered u/s 44AD, hence presumptive taxation @8% can be taken.
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